On this page of StockholderLetter.com we present the latest annual shareholder letter from Option Care Health, Inc. — ticker symbol OPCH. Reading current and past OPCH letters to shareholders can bring important insights into the investment thesis.

 •  4/3/2024 Letter Continued (Full PDF)
 •  More "Diagnostics" Category Stockholder Letters
 •  OPCH Benford's Law Stock Score = 84

OPCH Shareholder/Stockholder Letter Transcript:

2023 ANNUAL REPORT
Providing hope
throughout an
extraordinary year

Clinical excellence
infused with
compassionate
care.
Dear Stockholders,
As the healthcare industry continues to evolve, Option Care Health also continues to
grow, execute and transform. Staying true to our purpose, we strive to put the patient
at the center of everything we do and provide extraordinary care that changes lives. To
continue to meet that purpose, this year, we refreshed our guiding principles to focus
on the behaviors and actions that match our growing and evolving organization.
These principles     providing extraordinary care, being a great place to work, committing
to serve more patients, and embracing operational excellence     drive our strategy,
engagement, culture and, ultimately, our ability to deliver extraordinary patient care as
One Team with One Goal.
Option Care Health   is the largest
In 2023, our team of more than 7,500 dedicated members, including approximately 4,500
clinicians, served more than 270,000 unique patients and their families. I am incredibly
proud of our team for delivering hope to so many people.
independent provider of infusion
therapy in the nation. For over 40 years,
we have delivered cutting-edge infusion
We ended 2023 with strong    nancial performance having strengthened our balance sheet
and delivered on our commitments throughout the year. 2023 marked our    fth year-end since
our merger with BioScrip, Inc. Since August 2019 when we completed that transaction, we
have grown revenue by 50% to    nish the year at $4.3 billion and more than doubled Adjusted
EBITDA to $425 million. We have also deployed $250 million toward share repurchases,
while strengthening our cash position, and ended 2023 with over $344 million of cash and a
reduced net debt leverage pro   le of 1.8x.   We also saw both S&P   and Moody   s   upgrade
our credit pro   le to our highest ratings yet. Moving forward, we are focused on driving
operational excellence, expanding our capabilities, and advancing innovation. By focusing
on these areas, I believe we can grow our census to provide care to even more patients.
medications, nursing support and seamless
transitional care for patients of all ages in
their homes and at conveniently located
Ambulatory Infusion Suites (AIS).
Through our long-term partnerships with
payers, biopharmaceutical manufacturers,
healthcare systems, physicians and other
While supporting our patients and their families, we stayed at the forefront of our industry
and advanced our strategic priorities and initiatives with the following accomplishments
in 2023:  
referral sources, we deliver advanced
intravenous treatments available for a wide
range of acute and chronic conditions.
    We launched Naven Health, one of the largest infusion nursing platforms in the industry,
comprised of more than 1,500 clinical professionals.
But the relationships that truly drive our
commitment to clinical excellence are those
    We expanded our ambulatory infusion suite and advanced practitioner-led footprint to
more than 164 centers and over 660 chairs nationwide.
between our team of more than 4,500
    We advanced our use of data analytics, repetitive process automation, machine learning
and arti   cial intelligence to help improve our operations, reduce waste and increase the
velocity of cash collections.
clinicians and the patients they serve.
    We deepened our partnerships with members of the biopharma industry through the
launch of a number of new therapies and the expansion the use of our national network of
state-of-the-art pharmacies, infusion suites and clinical know-how.
Finally, we have invested deeply in our people, understanding the importance of recruiting
and retaining top talent in our industry, and we have continued to help our team members
develop and grow their leadership skills and expertise. With this focus, we were thrilled to
have earned the designations of a Gallup   Exceptional Workplace and a Military Friendly  
Employer, as well as being named to DiversityInc   s Top Ranked Hospitals and Health
Systems list.
I am proud of the strength of our position and excited about the opportunities
that are ahead for Option Care Health. We are in such a privileged position to execute on our
strategic priorities and to ultimately help change lives for the better and make an even greater
impact.
Best regards,
John C. Rademacher
1
For additional details regarding the reconciliation of GAAP and non-GAAP    nancial measures, see our
Current Report on Form 8-K    led with the SEC on February 22, 2024.
2 Data on    le, Option Care Health



 4/3/2024 Letter Continued (Full PDF)